Real Estate

Her First Online Deal

My Fiance', Carole, is currently working on her first online property flip.  I don't yet know if the deal will come together as it's very, very early in the process.  But here's what's happened so far:

Using the Ruthless Internet Marketing System (of course  ) Carole found a motivated seller in New Mexico.  The motivated seller claims to have a property in excellent condition worth $135K or more, and it apparently needs no repairs.

This guy is a classic motivated seller.  He's feeling serious financial pressure and needs some cash quickly.  Carole made him an offer of $101K, which is roughly 75% of the value of the property.  I might have advised her to offer a lower amount under normal circumstances, but there are two things this deal has going for it:

• The seller claims the property needs no repairs whatsoever
• The seller is willing to let Carole take over payment on the mortgage (and since the mortgage balance is $96,000 that leaves only about $5,000 in cash we'd have to pay at closing)

There's a distance to go yet on this deal, but if the facts are close to being as represented, then what we'll do is to offer the contract for sale for somewhere between $5,000 and $10,000.  It won't be a massive deal, but Carole has never done this before, so I'm excited for her.

What's really cool is that Carole has spent virtually no money at all to find this deal (about $50), and it seems really likely to convert into a profit of about 100X her investment.

Like I said, this deal is still a long way from happening.  If she pulls it off, I'll let you know.  And if not, I'll let you know about that too.  Stay tuned.